Abu Dhabi-based retail conglomerate Lulu Group’s first hypermarket in Malaysia is scheduled to open in February 2016 in Kuala Lumpur city.
Lulu Group, operating 118 hypermarkets and shopping malls in the Middle East and India, will initially invest $300 million in the expansion, which will provide 5,000 jobs for Malaysians.
“We plan to initially invest RM1.3 billion in rolling out 10 hypermarkets in the next two years and gradually expand to all parts of Malaysia,” shares Yusuffali MA, chairman and managing director of Lulu Group.
“Today the whole world knows about Malaysia’s economic stability, investor friendly approach, liberalised policies and world-class infrastructure and we are confident about our success there,” he adds.
While agreements have been finalised with retail developers for the planned hypermarkets with work already 70% completed on some of them, discussions are also progressing with Federal Land Development Authority of Malaysia for projects in other parts of the country.